Blockchain
Binance cleared to operate in India, subject to a $2.25-million fine and compliance
Binance, the world’s largest cryptocurrency exchange, received a notice on Wednesday from India’s Financial Intelligence Unit (FIU-IND), which fined it $2.25 million (₹18.8 crore) for operating without complying with domestic anti-money-laundering regulations before December 2023. This means the exchange has now been cleared to operate in India, provided it pays the fine and complies with regulations.
In its notice, FIU-IND stated that the fine was imposed “due to Binance’s ongoing provision of services to Indian clients and operations within India, without adhering to its statutory obligations under the Prevention of Money Laundering Act (PMLA), 2002.” The company was issued a notice under Section 13 of the PMLA on December 28, 2023. The notice, a copy of which Mint has seen, added, “Specific directions have been issued to Binance to ensure diligent compliance with the obligations outlined in Chapter IV of PMLA.” Entities that represented Binance before FIU-IND included its facilities in the Seychelles, Cayman Islands, and Switzerland.
On May 10, Mint reported that Binance and fellow cryptocurrency exchange Kucoin were set to be cleared to operate in India after being suspended by FIU-IND in December. Vivek Aggarwal, director of FIU-IND, told Mint last month that the exchange was under scrutiny and had made representations to the unit, which is affiliated with the finance ministry. An email sent to Binance did not elicit an immediate response.
Binance, which has no designated global headquarters, has courted controversy worldwide. In November 2023, its founder and erstwhile chief executive Changpeng Zhao pled guilty to money laundering charges by the US Securities and Exchange Commission. He subsequently stepped down as chief executive and agreed to a $4.3-billion settlement.
In November 2019, Binance had announced the acquisition of Indian crypto exchange WazirX. Zhao said at the time, “The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India.” But in August 2022, Zhao claimed his firm had never finalized a deal to acquire WazirX, days after the homegrown platform was accused of evading oversight by local agencies.
Binance’s potential return to the Indian market could mean more trouble for homegrown exchanges. India’s cryptocurrency industry has been in the doldrums since 2022, when the union government introduced a 30% tax on crypto earnings and a 1% tax deducted at source (TDS) on every crypto trade. Since then, daily average trades on India’s largest exchanges, WazirX and CoinDCX, have cratered by up to 90%. A senior executive at one of India’s top crypto firms, who did not wish to be named, said, “Given that Binance holds the world’s largest liquid reserves of crypto tokens and the largest variety of token listings, many traders are likely to resume trading on the platform or move to it. This is likely to hurt homegrown exchanges’ growth this year.”
Other stakeholders said that if Binance complies with the rules, India’s crypto market will benefit from a major player’s return. Aggarwal, however, had said in May that taxes and fines “should not be considered proof of the legitimacy of the cryptocurrency industry.” He said, “Whether cryptocurrencies are legitimate or not should depend on dedicated regulations, which are yet to be taken up by Parliament and policymakers. Adherence to laws is a base requirement of all companies that are registered in India and offer services to Indian consumers. This has nothing to do with legitimizing the crypto industry.”
Source: livemint.com
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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